World oil demand to peak before supply – BP

LONDON, Jan 16 (Reuters) – World oil production may peak in in the coming years, but it will be because of a decline in demand for petroleum not a lack of supply, a BPeconomist said on Wednesday.

“I believe there is a realistic possibility that world oil production will peak within the next generation as a result of peaking demand,” Peter Davies, BP’s Special Economic Advisor, told a meeting at parliament of a group of lawmakers formed to study peak oil.


He said environmental regulations, including efforts to reduce greenhouse gas emissions, could cause energy consumers to move away from petroleum.

“I think we will run out of demand before we run out of supply,” he said.